Financial Position - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities of $75.3 million, expected to fund operations into the second half of 2026[73]. - The accumulated deficit as of September 30, 2024, was $368.5 million, primarily due to research and development and general administrative expenses[75]. - Net cash used in operating activities was $33.8 million for the nine months ended September 30, 2024, compared to $42.3 million for the same period in 2023[103]. - Net cash provided by investing activities for the nine months ended September 30, 2024 was $48.3 million, primarily from sales and maturities of marketable securities[104]. - The company sold 17,151 shares of common stock for net proceeds of approximately $39,000 during the nine months ended September 30, 2024[100]. Loss and Expenses - The net loss for the three months ended September 30, 2024, was $11.5 million, compared to a net loss of $14.3 million for the same period in 2023, reflecting a decrease of $2.8 million[75]. - The net loss for the nine months ended September 30, 2024, was $44.1 million, compared to $48.3 million for the same period in 2023, a decrease of $4.2 million[88]. - Research and development expenses for the three months ended September 30, 2024, were $8.77 million, down from $11.01 million in 2023, a reduction of $2.24 million[88]. - Research and development expenses for the three months ended September 30, 2024 decreased by $2.2 million to $8.77 million compared to the same period in 2023[91]. - Total external research and development expenses for the nine months ended September 30, 2024 increased by $1.8 million to $20.01 million compared to the same period in 2023[92]. - General and administrative expenses for the three months ended September 30, 2024 decreased by $0.9 million to $X million compared to the same period in 2023[93]. - Restructuring and asset impairment charges were $2.5 million for the nine months ended September 30, 2024, including $0.7 million in severance charges and $1.8 million in asset impairment[94]. - Other income, net for the three months ended September 30, 2024 decreased by $0.4 million due to lower interest income[95]. Strategic Plans - The company plans to file an IND application for LNCB74 by year-end 2024 and advance into Phase 1 trials[70]. - The company is seeking partnerships for clinical programs NC525 and NC318, as well as for preclinical non-oncology programs, with potential IND filings within 12 to 18 months if funding is secured[72]. - Restructuring actions included pausing internal manufacturing operations and reducing workforce, aimed at aligning with a focused pipeline[73]. - The company expects to incur substantial expenditures in the foreseeable future as it advances LNCB74 through clinical development and regulatory approval[77]. - The company may seek to raise additional capital through equity sales, debt financings, and strategic alliances[102]. Capital Raised - The company raised approximately $423 million in gross proceeds from equity instruments since inception through September 30, 2024[75].
NextCure(NXTC) - 2024 Q3 - Quarterly Report